by Ed Hinerman | Aug 4, 2016 | assumptions, guarantee, guaranteed level premium, insurance, lapse, life insurance, lifetime guaranteed UL, no lapse guarantee, whole life
I had a life insurance case some years ago where I was able to help a client replace a Mass Mutual whole life policy that was on the cusp of imploding. What I mean by that is that to the untrained eye, the client’s, the policy seemed to be doing just fine. It...
by Ed Hinerman | Oct 5, 2015 | assumptions, bad customer service, compliance, conversion, Conversion to a permanent product, death benefit, guarantee, honesty, insurance, lapse, life insurance, no lapse guarantee, universal life
Call AXA life insurance customer service sometime at 800-877-6810 and hear,”Welcome to AXA Life Service Center WHERE WE CONTINUE TO REDEFINE STANDARDS”. The question immediately comes to mind for me, knowing the track record of AXA, wouldn’t they be...
by Ed Hinerman | Mar 12, 2015 | approval, assumptions, budget, cash value, conversion, Conversion to a permanent product, death benefit, guarantee, indexed universal life, insurance, life insurance, no lapse guarantee, rate increase, term insurance, universal life, whole life
I think I’m finally coming to grips with the fact that the life insurance learning curve isn’t really a curve. It’s more the path of a tether ball. It goes round and round, changing speed, direction and attitude with each full turn and then, BANG, it...
by Ed Hinerman | Mar 9, 2015 | assumptions, beneficiary, cash value, death benefit, guarantee, illustration, insurance, life insurance, life insurance lapse, lifetime guaranteed UL, no lapse guarantee
How appropriate that when I looked up the definition of guarantee I not only got what I expected, but it was a bit like opening a life insurance fortune cookie, “provide a formal assurance or promise, especially that certain conditions shall be fulfilled...
by Ed Hinerman | Feb 12, 2015 | application process, approval, business life insurance, cancer, contestability, customer service, death benefit, estate tax attorney, estate taxes, grace period, insurance, life insurance, life insurance lapse, life insurance second addressee, loyal customers, no lapse guarantee
I just got off the phone with a guy who missed the end of the grace period on his $1 million life insurance policy by 3 days. He called and asked for forgiveness and was told that he could fill out a reinstatement application and, if approved, the policy would be...
by Ed Hinerman | Aug 21, 2014 | Burial insurance, conversion, Conversion to a permanent product, final expense life insurance, financial adviser, honesty, insurance, life insurance, no lapse guarantee, term insurance, universal life
Hopefully that got your attention if you have a Genworth Life or First Colony “Colony series” term life insurance policy. The company had to make a business decision about their low cost super competitive term conversion product, the Genguard no lapse...
by Ed Hinerman | Aug 20, 2014 | conversion, insurance, life insurance, no lapse guarantee, term insurance, universal life
Genworth Life and Annuity, formerly First Colony, issued a statement today saying that as of Steptember 2, 2014 they will be raising rates on their Genguard No Lapse universal life conversion product by 50% to 60%. This is really no big deal unless you happen to own a...
by Ed Hinerman | Jun 25, 2014 | Banner Life, conversion, Conversion to a permanent product, guarantee, guaranteed level premium, insurance, life insurance, lifetime guaranteed UL, no lapse guarantee, rate increase, universal life, whole life
Look! It’s a bird! It’s a plane! Naw, it’s just that Hinerman guy yelling about the life insurance conversion sky falling again. But in my defense consider these events and then consider listening this time. 1. Protective Life did away with their no...
by Ed Hinerman | May 6, 2014 | conversion, Conversion to a permanent product, customer service, insurance, life insurance, lifetime guaranteed UL, loyal customers, no lapse guarantee, West Coast Life
If you would have told me 10 years ago that I would be writing a blog talking about the end of one of the most important features of a term life insurance policy, the ability to convert to a permanent life insurance policy, I would have probably laughed at the idea....
by Ed Hinerman | May 4, 2013 | assumptions, cash value, death benefit, guarantee, guaranteed level premium, illustration, indexed universal life, insurance, life insurance, long term guarantee, no lapse guarantee, universal life
Two and a half years ago, when indexed universal life insurance seemed to be taking over the insurance landscape, I spent considerable time studying the products and then posted my thoughts in this forum. In particular I took great exception to the fact that agents...
by Ed Hinerman | Dec 1, 2012 | estate taxes, final expense life insurance, insurance, life insurance, no lapse guarantee, over 50 life insurance, rate increase, universal life
I get calls every once in a while from people whose spouse or parent is literally terminally ill and many times imminently terminal. I think they know the answer already but I understand that they see what’s coming and they know it’s going to be a financial hit and,...
by Ed Hinerman | Nov 22, 2012 | application process, estate taxes, executives, financial adviser, guarantee, guaranteed level premium, high net worth, insurance, life insurance, no lapse guarantee, universal life
For months, no years now I have been writing about and telling clients about the best permanent product on the life insurance market and how, if they drug their feet long enough considering the purchase, a day would come when they would look back and say, “Dang!...
by Ed Hinerman | Nov 7, 2012 | budget, cash value, high net worth, indixed universal life, insurance, life insurance, no lapse guarantee, rate increase, universal life, variable universal life, whole life
Whether there is anything to the Mayan calendar that predicts the end of the world next month or not, there is one thing that is an absolute life insurance fact. Because of actions by the NAIC, National Association of Insurance Commissioners, with the strict...
by Ed Hinerman | Oct 30, 2012 | breast cancer, cancer, insurance, life insurance, mortality risk, no lapse guarantee, prostate cancer, rate increase, term insurance, universal life
There’s still two more months to go and by any measure the life insurance industry has made strides in both underwriting and product design that speak well for the future, but especially should be an eye opener right now. I’ve tried to note each change or...
by Ed Hinerman | Jul 17, 2012 | guaranteed level premium, insurance, life insurance, long term guarantee, no lapse guarantee, term insurance, universal life
Not likely, but today ING Reliastar said they we discontinuing sales of the 25 and 30 year term products effective at the end of July. Probably the biggest impact this will have will be all of the mega agencies that have glommed on to ING because of the juicy...
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